Unofficial Sales Statistics
The official month end real estate sales statistics for January are published by the Realtors Association of Maui around mid-month. The numbers in this report were pulled from the Maui MLS on February 1, 2018. These numbers will vary slightly from the official figures due to factors such as late reporting.
Home sales have remained fairly steady as we head into the new year. The numbers are getting a little help from new inventory in Wailuku. Condo sales slumped a bit dropping to the lowest level in the last 5 months. But these sales went under contract back in December, which is a slower time of year. So, I don’t expect this to be a trend. At least not yet.
Pending sales represent properties that are under contract, but have not closed yet. They are an indicator of future sales. Pending home sales rose slightly, but are still below any of the last 6 months except December. Pending condo sales had a nice little jump after a couple of slower months. A fair number of those pendings are at new developments including Kamalani, located in North Kihei.
Inventory tells us how many units are available for sale in each category. Inventory remained steady for homes, and condo inventory has had minor but steady increases for the last 4 months. However, the months of inventory for homes and condos is still less than 6 months. If you are shopping at the median or lower price point, inventory is even lower.
AVERAGE AND MEDIAN SOLD PRICES
In January, the average selling price for a home jumped back over the million dollar mark and hit a new 6 month high. The median followed along, peaking at $707,000, also a new high for the last 6 months. However, both the average and median are below the highs for early 2017.
A line graph for the average condo prices for the last 6 months would look like a topographical map of the Rockies. They’ve zigged from $600,212 in August to $779,107 in October then zagged back down to $650,558 in January. The median, however, except for an October spike, has trended more steadily from August’s $395,000 to January’s $505,562.
DAYS ON MARKET
The days on market is the number of days from the time a listing goes live in the MLS until it closes and is recorded. It is interesting, but is not a good indicator of how long it really takes to sell a particular type of property. That’s because it is an average of all homes from small starter homes that sell quickly to multimillion dollar luxury homes that may take years to sell. The same is true for condos where the type of unit, location, price and buyer motivation may result in a quick sale or the condo may sit on the market waiting for the market to catch up.
Subscribe to the Maui Real Estate Advisor by sending an email to info@AlohaGroupMaui.com.
Aloha Group Maui is a part of KW Island Living, the Keller Williams Maui franchise. We can help you buy, sell or exchange a home or condo - for you to live in full time, part time or as an investment. Learn more about Maui Real Estate in our Maui Real Estate 101 resources section